Stablecoin USDe Now Available on Solana 🤩
#USDe , a stablecoin previously available only on Ethereum, has launched on the Solana network, as announced by Ethena Labs on August 7.
USDe can now be integrated with various #Solana-based DeFi protocols and DEXs, including Kamino, Orca, Drift, and soon Jito. Users can use Solana (SOL) as collateral for USDe loans, pending approval by Ethena token holders.
USDe is backed by #Lido Staked Ethereum and short positions in Ethereum perpetual futures, generating yield from staking rewards and negative funding rates. Ethena Labs plans to eventually allow SOL as collateral and potentially issue short positions against SOL. USDe supporters tout its high yield, while critics question its sustainability.
